Annual Report For 2004
Western Pennsylvania Teamsters And Employers Pension Plan
This is a summary of the Annual
Report for the Western Pennsylvania Teamsters and Employers Pension Plan
("Plan") (Employer Iden-tification Number 25 6029946), for the
plan year ending December 31, 2004. The Annual Report has been filed with
the Department of Labor, Pension and Welfare Benefits Administration,
as required under the Employee Retirement Income Security Act of 1974
Basic Financial Statement
Benefits under the Plan are
provided by a trust (benefits are provided in whole from trust funds).
Plan expenses in plan year
2004 were $101,411,560.
These expenses included $6,191,836
in administrative expenses and $95,219,724 in benefits paid to participants
and beneficiaries. A total of 24,932 persons were participants in or beneficiaries
of the Plan at the end of the plan year, although not all of these persons
had yet earned the right to receive benefits.
The value of the Plan assets,
after subtracting liabilities of the Plan, was $1,030,730,822 as of December
31, 2004, compared to $974,582,799 as of January 1, 2004. During the plan
year, the Plan experienced an increase in net assets of $56,148,023. This
increase included unrealized appreciation or depreciation in the value
of the Plan assets; that is, the difference between the value of the Plan's
assets at the end of the year and the value of the assets at the beginning
of the year, including the cost of assets acquired during the year. The
Plan had total income of $157,559,583, including employer contributions
of $43,405,437, employee contributions of $12,096, gains of $14,191,069
from the sale of assets, and earnings from investments of $99,950,981.
An Actuary's statement shows
that enough money was contributed to the Plan to keep it funded in accordance
with the minimum funding standards of ERISA.
Your Rights To Additional Information
You have the right to receive
a copy of the complete Annual Report, or any part thereof, on request.
The items below are included in that report:
1. An Accountant's report.
2. Financial information and information on payments to service providers.
3. Assets held for investment.
4. Transactions in excess of 5 percent of the Plan assets.
5. Actuarial information regarding the funding of the Plan.
To obtain a copy of the complete
Annual Report or any part thereof, write to the Plan's Office at the Western
Pennsylvania Teamsters and Employers Pension Fund, 900 Parish Street, Suite 101, Pittsburgh,
PA 15220, toll free 800-362-4201. The charge to a Plan participant
to cover copying costs will be $10.00 for the complete Annual Report,
or 20 cents per page for any part thereof.
You, as a Plan participant,
also have the right to receive from the Plan, on request and at no charge,
a statement of the assets and liabilities of the Plan and accompanying
notes, or a statement of income and expenses of the Plan and accompanying
notes, or both. If you request a copy of the complete Annual Report from
the Plan, these two statements and accompanying notes will be included
as part of the Annual Report. The charge to cover copying costs stated
above does not include a charge for the copying of these portions of the
Annual Report because these portions are furnished without charge.
You also have the legally protected
right to examine the Annual Report at the office of the Plan, located
at the Western Pennsyl-vania Teamsters and Employers Pension Fund, 900 Parish Street, Suite 101,
Pittsburgh, PA 15220, and at the U. S. Department of Labor
in Washington, D.C., or to obtain a copy from the U. S. Department of
Labor upon payment of copying costs. Requests to the Department of Labor
should be addressed to: Public Disclosure Room, Room N5638, Pension and
Welfare Benefit Administration, U.S. Department of Labor, 200 Constitution
Avenue, N.W., Washington, D.C. 20210.
OF THE WESTERN
PENNSYLVANIA TEAMSTERS AND
EMPLOYERS PENSION FUND